BP terminates two deepwater contracts in Gulf

(LONDON) — BP has terminated contracts for two deepwater drilling rigs in the Gulf of Mexico as the company cuts its exploration budget due to low oil prices, Reuters reported. The offshore drilling companies Ensco and Seadrill Partners both said they had received a notice to terminate BP-operated rigs. BP confirmed the news and cited an "adjustment of capital expenditures in response to the new, lower oil price environment."

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By Professional Mariner Staff